AbCellera Biologics (NASDAQ:ABCL) Upgraded at Wall Street Zen

Key Points

• AbCellera Biologics was upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more cautious approach to the stock.
• Several analysts have varying ratings on AbCellera, with a consensus rating of "Moderate Buy" and an average price target of $8.00.
• The company reported a quarterly EPS of ($0.12), which was better than the consensus estimate of ($0.17), with revenue significantly exceeding expectations at $17.08 million.

Wall Street Zen upgraded shares of AbCellera Biologics (NASDAQ:ABCL - Free Report) from a sell rating to a hold rating in a research report sent to investors on Saturday morning.

Several other equities analysts also recently issued reports on the company. KeyCorp boosted their price objective on AbCellera Biologics from $5.00 to $10.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Leerink Partners started coverage on AbCellera Biologics in a research report on Monday, July 7th. They set an "outperform" rating and a $5.00 price objective for the company. Leerink Partnrs upgraded AbCellera Biologics to a "strong-buy" rating in a research report on Monday, July 7th. Stifel Nicolaus cut their target price on AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Finally, Truist Financial cut their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, May 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $8.00.

AbCellera Biologics Stock Down 7.0%

Shares of NASDAQ:ABCL traded down $0.3250 during trading on Friday, hitting $4.3450. 3,379,025 shares of the company traded hands, compared to its average volume of 5,078,685. The business's fifty day moving average is $4.06 and its 200-day moving average is $3.01. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -7.92 and a beta of 0.65. AbCellera Biologics has a one year low of $1.89 and a one year high of $5.82.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.05. The business had revenue of $17.08 million during the quarter, compared to the consensus estimate of $7.55 million. AbCellera Biologics had a negative return on equity of 16.17% and a negative net margin of 511.88%. On average, analysts forecast that AbCellera Biologics will post -0.59 EPS for the current year.

Institutional Trading of AbCellera Biologics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning boosted its position in shares of AbCellera Biologics by 6.9% in the second quarter. Creative Planning now owns 41,003 shares of the company's stock worth $141,000 after buying an additional 2,656 shares during the period. Raymond James Financial Inc. raised its holdings in shares of AbCellera Biologics by 17.0% during the second quarter. Raymond James Financial Inc. now owns 28,049 shares of the company's stock worth $96,000 after acquiring an additional 4,070 shares in the last quarter. Salem Investment Counselors Inc. raised its holdings in shares of AbCellera Biologics by 7.0% during the first quarter. Salem Investment Counselors Inc. now owns 78,800 shares of the company's stock worth $176,000 after acquiring an additional 5,150 shares in the last quarter. Pier 88 Investment Partners LLC raised its holdings in shares of AbCellera Biologics by 2.9% during the first quarter. Pier 88 Investment Partners LLC now owns 243,790 shares of the company's stock worth $544,000 after acquiring an additional 6,890 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of AbCellera Biologics during the second quarter worth $35,000. Institutional investors and hedge funds own 61.42% of the company's stock.

AbCellera Biologics Company Profile

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company's preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.